Do you need Life Insurance?

A lot of people think that life insurance is not worth having, but they are wrong. Let’s say you are the bread-winner of your family, in the event of your death, what income will your family be getting then? Where will they get money to pay for the expenses of your funeral? To ensure that when you die your family is not faced with these dilemmas, you need to have life insurance.

There are a lot of people who don’t think that something tragic can happen to them that will cause them to die. Therefore, they don’t take the initiate to get life insurance, and then their family is left with the burden of paying for the expenses of their funeral and also finding money to pay for bills and buy food.Monumental Life insurance provides you with the peace of mind that if the unthinkable happens, your family will be able to survive financially for quite some time. It is never too early or it is never too late to take out life insurance for yourself, your spouse or your children.

Before you choose a life insurance policy, there are certain factors you need to discuss with your life insurance agent. You first need to decide if you want a whole life policy or a term life policy. This can be confusing for many persons, so in order to avoid the confusion, ensure that you discuss your plans with your insurance agent.

A whole life policy consists of an investment aspect and pay outs are made at the time of your death to your beneficiary. The money that you pay to the life insurance company is invested in annuities, bonds and other investment methods, and then can be traded in for cash. The amount that you or your beneficiary will get is dependent upon the condition of the economy and the return rates on your investments. The whole life insurance policy generally costs more than a term life policy; however, it helps you to save money that you can trade in for cash in the future.

Term life insurance is paid to your beneficiary at the time of your death, and involves no investment or other components. The amount of coverage you want, your health condition, and your age help to determine how much premium you will pay.

There have been debates over which type of life insurance is better. The benefits of whole life or term insurance are dependent upon whether you just want life insurance coverage, or whether you’re looking for coverage and a way to save money.